25.06.2021Südafrika, 4. August 2014 —
SA MARKET:The JSE continued to edge lower at the close of last week, with the overall index traded in the red by 0.93%, a loss of 478 points. The overall index currently trades just ahead of a short-term support area and on balance this level is likely to hold over the next 24-hours, as some technical support emerges in the sessions ahead and additional challenge in this area will most likely emerge. The JSE-TOPI traded weaker by just more than 1%, giving up 188 points to close at 4,574 points. Significantly, this index has traded below the near term support area which we highlighted, and although short term technicals offer evidence of a slight trading rebound, on balance a cautious approach is required in terms of engaging in early bargain-hunting. Resource counters traded lower by 1.70%, losing 1,021 points and the loss of traction was largely in line with the technical evidence, which prompted us to suggest that some profit-taking in large resource counters was appropriate. Cyclical near term momentum for resources retains a generally positive bias, but on balance, in spite of a trading bounce, some additional residual selling pressure is likely for the sector. Industrials traded lower by 0.77%, giving up 454 points and the resistance area visible on the sector from early July remains in place. Banking counters were mostly unchanged, while retailers traded lower by just 0.35%, a loss of 240 points. Platinum counters continue to exhibit gradual technical weakness.
CURRENT MARKET DRIVERS:With the exception of some individual numbers in US economy on Friday, in general the overall picture economic activity continues to be upbeat however against this back of the negative impact of geopolitical concerns, a continuation of the banking crisis in Portugal, some evidence of inconsistency economic activity in Asia and technical factors continue to undermine the overall near term market sentiment. US 10 year Treasury yields have edged lower, following the weaker than anticipated employment data which naturally supported the belief that the FOMC will persist in driving rates lower.
COMMODITIES AND CURRENCIES:For the moment, the safe haven status of the greenback continues to encourage relative support for the US unit, with some marginal weakness emerging as a result of the poor economic data on Friday. In the commodity space, profit-taking has emerged amongst industrial metals, while the CRB commodity index continues to gradually edge lower as the relatively firmer dollar undermines pricing for commodities in general.
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